FET vs OIS: Correlation
Forum Energy Technologies, Inc. (FET) and Oil States International, Inc. (OIS) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FET and OIS?
On 3 years of weekly data the FET/OIS correlation comes out at 0.64, strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.64 over 3. The 5-year figure is 0.63, and annualized covariance runs at 1737.3 %².
Among the 12 assets we track against FET, OIS ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FET outperformed by 155.9 percentage points (+212.7% for FET against +56.8% for OIS).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FET vs OIS: side by side
| FET (Forum Energy Technologies, Inc.) | OIS (Oil States International, Inc.) | |
|---|---|---|
| 1-year return | +212.7% | +56.8% |
| 5-year return | +307.0% | +48.7% |
| Volatility (ann.) | 49.1% | 55.2% |
| Beta vs S&P 500 | 0.80 | 0.78 |
| Max drawdown (3Y) | -47.1% | -62.9% |
| Market cap | $0.9B | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FET | OIS |
|---|---|---|
| 2022 | +83.8% | +50.1% |
| 2023 | -24.8% | -9.0% |
| 2024 | -30.1% | -25.5% |
| 2025 | +138.5% | +33.8% |
| 2026 | +115.9% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FET and OIS good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FET and OIS?
The FET/OIS correlation stands at 0.64 on a 3-year window (1 year: 0.65, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is OIS a good diversifier for FET?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fet-vs-ois.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fet-vs-ois/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FET correlations · OIS correlations
